Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00
USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend as bulls resume a fresh uptrend . On February 24, the index made an upward rally to the high of $100. Simultaneously, the index dropped sharply to the low of $90. WTI is now hovering above the $90 support. The uptrend will resume if the current support holds. On the other hand, the selling pressure will resume, if sellers break below the current support.
Daily Chart Indicators Reading:
USOIL is at level 57 of the Relative Strength Index for period 14. The index is still in the uptrend zone and capable of a further upward move. The index price is s above the moving averages indicating a possible upward move of WTI. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downward move as price breaks below the moving averages. Meanwhile, on February 24 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall but will reverse at level 1.272 Fibonacci extension or $89.19.
4-hour Chart Indicators Reading
USOIL is below the 20% range of the daily stochastic. WTI has fallen to the oversold region of the market The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The selling pressure will end as buyers emerge in the oversold region.
General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend as bulls resume a fresh uptrend. Buyers are expected to emerge in the oversold region to push prices upward.
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